FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

OIL: Crude Holding Within $1.5/bbl Range Ahead of EIA Stocks Data

OIL

Crude markets are recovering ground from a decline seen yesterday despite an unexpected 0.9mbbl build in US crude inventories according to the API data last night. EIA data released later today is expected to show a 2.4mbbl draw according to a Bloomberg survey.

  • Front month Brent remains relatively unchanged since June 19 and trading between the range $84.71/bbl to 86.24$/bbl. Prices are supported by market sentiment expecting a tighter balance over the summer due to OPEC+ production cuts and stronger seasonal demand in Q3 while geopolitical risks persist.
  • Oil loadings from Russia’s western ports are expected to fall 23% m/m in July to 1.5mbpd, according to Reuters sources.
    • Brent AUG 24 up 0.5% at 85.46$/bbl
    • WTI AUG 24 up 0.6% at 81.32$/bbl
    • Brent AUG 24-SEP 24 down 0.01$/bbl at 0.78$/bbl
    • Brent DEC 24-DEC 25 up 0.11$/bbl at 4.86$/bbl
  • Diesel and gasoline crack spreads are edging higher again today, likely supported by indications of improving US demand. US retail gasoline demand saw a rise of 0.8% for the week ending June 22 to 8.875mb/d, according to GasBuddy.
  • Planned oil product exports from refiners and suppliers in China are set to fall to 3.19m tons in July from 3.72m tons in June, according to OilChem sources, cited by Bloomberg.
    • US gasoline crack up 0.3$/bbl at 23.85$/bbl
    • US ULSD crack up 0.1$/bbl at 25.5$/bbl
BulletEnergy BulletsCommodities
BulletEnergy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.